Correct Answer: C. adopting labour-intensive techniques of production

Correct Answer: A. Authority of Head of State and Government

Explanation

The authority of heads of state and government is the foremost, and the highest authority of the organization. It is made up of heads of state and government within the sub-region. This organ is headed by a chairman, who holds office for one year.

Correct Answer: C. are alternative jobs in the same location

Explanation

(a) Balance of payment disequilibrium refers to a situation where the total receipts of a country's exports are not equal to the total payments on imports usually for a year.

(b)(i) Balance of payment surplus: This is a situation where the total receipts from a country's exports is greater than the total payments on imports of a country in a given year or vice versa.

(ii) Balance of payment deficit: This is a situation where the total payments on imports is greater than the total receipts of a country's export in a given year or vice versa.

(c)(i) Over-reliance on imported goods.

(ii) Inadequate technical know-how/low level of technology.

(iii) Over-reliance on primary products whose prices fluctuate on the world markets.

(iv) Political instability/crisis which disrupts production of exports.

(v) Servicing of foreign debts.

(vi) Excessive government expenditure on unproductive activities.

(vii) Existence of import dependent industries which expends foreign exchange on imports.

(viii) Poor infrastructural facilities which hinder production.

(ix) Over-reliance on one export product whose prices are unpredictable.

(x) Deterioration in the terms of trade as a result of rising imports prices.

(xi) Inflation which increase the cost of production and make exports uncompetitive.

(xii) Fall in the value of the domestic currency/ devaluation which increases the prices of imports.

(xiii) Low level of agricultural production which reduces the volume of exports.

Correct Answer: D. N20

Correct Answer: A. output approach

Correct Answer: A. producers are sovereign

Explanation

Price mechanism refers to the system where the forces of demand and supply determine the prices of commodities. This means that, prices are left in the fate of market forces negating the concept of consumer sovereignty. Consumers are forced to purchase those goods which producers want. Thus, the producer is sovereign, not the consumer.

Explanation

The factors which influence the level of employment in my country, Nigeria are:

(i) The weather affects seasonal employment of labour in agriculture, tourism and construction.

(ii) Increasing public and private expenditure can lead to the creation of more jobs.

(iii) Lending policies of financial and other institutions give manufacturers access to credit to enable them expand their businesses and therefore, create more jobs.

(iv) Improved foreign exchange earning capacity of the economy leads to the availability of foreign exchange thereby improving economic activity and employment level. (v) Trade union activities: High wage rates demanded by labour unions create unemploy-ment as manufacturers have to lay off workers in order to reduce the over head costs.

(vi) Entrepreneurial factors: The number of entrepreneurs to create jobs also determines the employment level.

(vii) Appropriate pricing policy as pursued by the government helps to keep farmers in employment.

(viii) Investment climate: The creation of enabling environment by the government will encourage foreign and local investors to create jobs and, therefore, reduce the level of unemployment in the country.

(ix) Government wage policy can affect employment as in the case of the recently promulgated minimum wage policy which has led to job rationalization, in both the public and private sectors.

(x) Official retirement age affects employment level.The higher the official retirement age, the lower the unemployment level and vice-versa.

Correct Answer: B. The general price level

Correct Answer:

Explanation

(a) Internal economies of scale are benefits a firm enjoys as it grows in size

(b) Such economies Include.

(i) Technical economies

(ii) Risk-bearing economies

(iii) Marketing economies

(iv) Administrative/managerial economies

(v) Welfare economies

(vi) Research economies

(vii) Financial economies